“[However] I think that game has largely played out in most markets,” she said.

“I think it would be a very difficult challenge today to say that you want that integrated model in virtually any country because you’ve already got brands that stand for those things.”

Ebay has turned to a multi-branded strategy with its PayPal and Skype units already the largest payments and voice communications businesses on the internet.

“We’re pretty focused now on sort of maximising the three business that we have,” Ms Whitman said.

Asked whether external factors, such as Microsoft’s ambition to become a bigger player online, could destabilise the existing industry structure and lead to mergers, she said: “It can, but I think in the near-term I see at least the major internet players kind of on their own path.

“I think, you know, each of the big internet companies now are quite focused on a strategy that’s quite differentiated.

“Yes, there are overlaps and competition, but I think each of these major internet companies feels quite strongly about where they’re headed.”